We are learning more by the day, but at present, the basic events as we understand them are as follows: Genesis lent $2.36 billion of assets to 3AC, a
Singapore-based hedge fund that went belly up in June 2022. After collateral was liquidated, Genesis indicated that it was left with a loss of at least $1.2 billion. At this point, Barry Silbert had two legitimate options: restructure the Genesis loan book (inside or outside of bankruptcy court) or fill the $1.2 billion hole. He did neither.